Huntingdon Valley Trust Co. v. Norristown-Penn Trust Co.

Opinion by

Mr. Justice Drew,

For many years prior to his death in 1933, Gilbert R. Fox was indebted to the defendant trust company on several demand collateral notes, to secure which he had pledged with the trust company a $15,000 mortgage on certain premises in Norristown. Under the terms of the notes the pledgee was authorized, upon default, “to sell either at the Broker’s Board or at public or private sale, without any previous demand ... or notice” to the pledgor. The trust company was expressly empowered to become the purchaser at any such sale provided it was the highest bidder.

Following…